Paycoin, Korea's largest blockchain payment protocol, expands its boundary beyond Korean market
Paycoin(PCI), the fastest grown and the largest blockchain based payment solution in South Korea, plans to expand its business into global market. It introduced BTC payment service in more than 100,000 merchants in Korea earlier this year before Tesla. Although Tesla announced the plan to sell its cars through Bitcoin,they recently stopped such progress due to Elon Musk’s (CEO of Tesla) change of mind. Paycoin plans to attract global users and expand its global business and services by accepting BTC into Paycoin’s network.
- Korea’s fastest and largest blockchain based real life application attracted more than 2 million users and 700K MAU.
- Focuses on evolving its blockchain based wallet service to be global financial platform.
In the scheme, Paycoin app currently supports crypto swap between BTC and Paycoin (PCI) of Danal Fintech. Users may deposit their BTC in the Paycoin App, swap it with PCI, and use it in any of the Paycoin merchantsnetwork. The scope of the supported cryptocurrency is expected to expand in the coming year, with major blockchain networks like Ethereum, ICON, Stacks and TON in the pipeline.Danal Fintech is a subsidiary of Danal, the biggest Payment Gateway(PG) in South Korea with 50% market share in the mobile payment. Danal is a KOSDAQ listed company.
According to the industry experts, Paycoin is preparing listing on a global exchanges and such will be a symbolic initiation for Paycoin to begin expanding the blockchain-based payment to the global market. Purchasing Paycoin, though listed on Top 3 major exchanges in Korea, has been limited tomostly Korean users due to the KYC requirements in all the Korean exchanges, but the new listing on global scale will enable global users to have better access to Paycoin, allowing users to both trade and use it as payment.
Founded in 2019, Paycoin focused on solving two essential problems in payment industry; high merchant fees and long settlement period. By utilizing the advantages of blockchain, Paycoin provided lower merchant fees as low as 1% compared to the traditional payment providers that charged 3~5%. Furthermore, settlement period was immensely shortened to 3 days, compared to that of 30 days. With this edge, PayCoin acquired more than 2 million users and partnered with 100,000 merchants across multiple sectors including some of the best known brands like Burger King, KFC, Domino’s Pizza, 7-Eleven, CGV (Largest movie theater in Korea), Kyobo Bookstore (Largest bookstore chain in Korea) and much more. This was possible with its parent company Danal’s support. Danal sees Paycoin as its key engine for future growth. Read More…
